Up Campus Lands $87M for Student Community
The 782-bed project is expected to come online in 2027.
Up Campus Student Living has received $87.4 million in construction financing for the development of Leo Tallahassee, a 277-unit, 782-bed luxury student housing project in Tallahassee, Fla. The community is scheduler for completion before the start of the academic year in fall 2027 .
CIBC Bank USA provided the deb with additional participation from Trustmark and Republic Bank. TSB Capital Advisors brokered the deal on behalf of the borrower.
Located at the intersection of Dewey Street and West Tennessee Street, the 10-story building will rise on a 2-acre site adjacent to the Florida State University at Tallahassee campus, as well as 1 mile from Doak S. Campbell Stadium and downtown Tallahassee. The city’s international airport is also more than 7 miles away.
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Leo Tallahassee is set to feature 26,000 square feet of interior amenity space and 9,500 square feet of rooftop deck with swimming pool and hot tub, as well as a jumbotron, cabanas and grilling stations. The community will also have a studly lounge with individual and group pods, gameday lounge, golf simulator, wellness center and a spa zone with sauna and cold plunge.
Florida State University had 29,496 student housing beds completed at the end of January, according to the latest Yardi Matrix student housing report, as well as almost 4,550 under construction. The school’s preleasing rate clocked in at 53.2 percent during the same month, marking a 100-basis-point decrease year-over-year.
